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of <h1>Finance Bill 2018 introduces sections 145A and 145B for income tax, detailing inventory valuation and income taxability.</h1> Clause 45 of the Finance Bill, 2018, replaces section 145A of the Income-tax Act with new sections 145A and 145B, effective from April 1, 2017. Section 145A outlines the method of accounting for determining income under 'Profits and gains of business or profession,' specifying inventory valuation at the lower of cost or net realizable value, including taxes and fees. Section 145B addresses the taxability of certain incomes, deeming interest on compensation, price escalation claims, and specific income as income in the year received or when realization is certain. These changes apply from assessment year 2017-2018 onwards.
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